LLP Firm Registration Advantages and Disadvantages

An LLP Registration is a business entity that is registered in the UK, Bangladesh, Sudan or Pakistan, etc. A newly formed Limited Liability Partnership will have to be registered with the relevant authorities in the country where it has been created. LLP firm registration is shortly discussed below.

Pakistan: -

A Limited Liability Partnership can be incorporated in Pakistan through Limited Liability Partnerships Ordinance 1984. The registered office of an LLP needs to be in Lahore or Karachi. That’s how LLP firm registration takes place.

Laws and Regulations of LLP Firm Registration

The Limited Liability Partnership is a form of business association that is similar to the limited liability company but provides more flexibility in ownership division. It is called a ‘limited partnership’ because the partners are protected from liabilities. The partners are not allowed to take any part in the management, even though they can have their business interests.

LLP Registration Process

There are 5 types of LLP Registration Documents in Pakistan but let’s first discuss the process which is following;

L.L.P Registration is a process that should be done for making the L. L. P's existence is legal in Pakistan. The law in Pakistan mandates all L.L.P to register with the Registrar of Companies before carrying out business activities in Pakistan under the company name of the entity concerned.

The registration procedure can be performed in two manners:

Registered office address

Registration Statement

LLP Registration Documents

LLP’s are one of the most popular ways for a business to operate in Pakistan. This is because they offer a flexible business structure, as well as being an affordable and easy way to register a business.

An LLP will have at least two members but can have as many as twenty members. To register LLP, five LLP Registration Documents must be submitted:

 

Memorandum of Association which states the name and address of the company and its objectives

Articles of Association which state how the company will be governed and operated

Nomination paper which states who will be on the board of directors

Resolution paper stating that you agree to be a director if elected

Accession statement by all members

LLP Registration Fees in Pakistan

A Limited Liability Partnership (LLP) is a type of business entity that is formed by at least one individual who has eligibility to form the LLP in Pakistan. A limited liability partnership may be formed by two or more individuals or corporations, subject to certain restrictions specified in the law. An LLP may be formed for any lawful purpose other than the carrying on of an insurance business. LLP Registration Fees is approximately Rs 10,000 for the general category, Rs 1,000 to 3,000 for women, farmers, and minorities.